To give new life to an old quilt that has seen better days, use extra bedsheets to make a new cover. We used plain white on one side and let my sons personalize it with fabric markers. We also made patches from a favorite shirt to decorate as well. On the other side I used a fleece throw blanket that we no longer needed. It looks great and washes like a dream. Plus using the fleece blanket has made it warmer than it might have otherwise been.
I have a favorite quilt that I just hate to part w/and I use it on my bed w/other "used" blankets in the winter. It has seen better days and the top and bottom edges where in tatters. I just turned the edges over and folded them twice over themself and then I hand stitched the quilt and have used it since. It may not look the best but it works for me!